In the previous article, I introduced the issue of Shining Object Syndrome which is a big challenge to many online entrepreneurs since it makes them not stick long enough to a line of business to realise the proceeds from it. The reason for shifting from one business idea to another was explained as a lack of decision making capability of a person.
In this article I am going to focus much on the effects of Shining Object Syndrome (SOS).
Entrepreneurs should always remember that whenever an object comes closer to anyone, it loses its original shininess. This should not dishearten investors and make them hope from one internet programme to another. The end results will be loss of drive, thus dampening the entrepreneurial spirit.
Moving from programme to programme has the effect of making an entrepreneur lose his/her original focus. If any of the footwear or soft drink corporation who are now operating in many countries has dumped their original line of business and jumped for other shining ventures, would they have become multi-national companies? Their case is a living testimony that patience pays in any line of investment, online businesses included.
Crypto entrepreneurs should watch out not to lose capital and potential revenue due to SOS. They have to face reality that they cannot run away from advertising their products or services. Online, they can use social media channels like Twitter, LinkedIn, Instagram, Facebook, Pinterest, Google+ and many others. On mobile platforms, advertising can be done through messaging and App adverts.
People who try one programme after another lose a lot of resources when they advertise their businesses since the aim of advertising will be attracting as many people as possible to buy their company’s products or service. Prospective customers may be interested in the product or service on offer after some time. So it will be meaningless and a shear waste of time for a business to quit and move to another line of business the time people would start to understand the products or services advertised earlier.
It pays to adhere to the principle of concentration which state that, the more one concentrate on one activity the more likely one will succeed on it. It pays nothing to start something and leave it unfinished and try something else.
In the crypto space, it is best to choose a few business opportunities and follow them. Entrepreneurs should remember not to be hoodwinked by the many shining objects that the internet offer.